Taxonomy and Methodological Approach for Ecosystem Valuation
Muhammad Najib Razali  1@  , Fitiriyah Razali@
1 : Universiti Teknologi Malaysia

The paper introduces an innovative framework for developing a taxonomy and methodological approach for ecosystem valuation, tackling the significant challenge economists face in quantifying the comprehensive and incremental impacts on various ecosystems, especially those influenced by human actions. Traditional market-based valuation methods are recognized as insufficient, with even sophisticated approaches like the contingent valuation method falling short in capturing the full scope and complexities of ecosystem services. This research seeks to bridge the gaps in existing valuation methods by shifting the focus away from solely economic metrics towards an integrated perspective that emphasizes ecological identity and the intrinsic connection between humans and nature, without relying on psychological research findings. It proposes a reconceptualization of ecological identity and the fostering of nature identification, emphasizing their importance in the valuation process. Advocating for a departure from market-centric models, the paper promotes interdisciplinary collaboration in ecosystem valuation, aiming to reconcile the divide between market, non-market, and missing market valuations. This approach offers a comprehensive and nuanced framework that goes beyond traditional utilitarian views, aiming to more accurately reflect the true value of ecosystem services.


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